Empire Resources Announces 2009 Operating Results
PR Newswire - Mar 29 at 09:00
Company Symbols: OTC-PINK:ERSO
FORT LEE, N.J., March 29 /PRNewswire-FirstCall/ -- Empire Resources, Inc. (Pink Sheets: ERSO), a distributor of value added, semi-finished metal products, today announced a 43% decrease in revenues from $428,997,000 in 2008 to $246,062,000 in 2009. Net loss for 2009 was ($511,000) as compared to net income of $3,851,000 in 2008. Net income in 2009 decreased to $(0.05) per share on a fully diluted basis, as compared to net income in 2008 of $0.39 per share on a fully diluted basis. Operating income before asset impairment decreased 42% from $13,424,000 in 2008 to $7,779,000 in 2009. Interest expense decreased from $7,176,000 in 2008 to $5,622,000 in 2009.
Empire Resources, Inc., is a distributor of a wide range of semi-finished metal products to customers in the transportation, automotive, housing, appliance and packaging industries in the U.S., Canada, Australia, New Zealand and Europe. It maintains supply contracts with mills in various parts of the world.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks include, but are not limited to, the ability of the company to grow internally or by acquisition and to integrate acquired businesses, not being able to improve operating margins and efficiencies, changing industry and competitive conditions, and other risks referred to in the Company&;s publicly available statements and periodic reports.
(Table Follows)
Consolidated Statements of Income
In thousands, except per share amounts
Year Ended December 31,
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2009 2008
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Net sales $246,062 $428,997
Cost of goods sold 229,513 404,864
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Gross profit 16,549 24,133
Selling, general and administrative expenses 8,770 10,709
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Operating income before asset impairment 7,779 13,424
Asset impairment 2,966 -
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Operating income 4,813 13,424
Interest expense 5,622 7,176
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(Loss)/income before income taxes (809) 6,248
Income taxes (298) 2,397
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Net (loss)/ income $(511) $3,851
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Weighted average shares outstanding:
Basic 9,437 9,759
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Diluted 9,437 9,874
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Earnings (loss) per share:
Basic ($0.05) $0.39
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Diluted ($0.05) $0.39
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See notes to consolidated financial statements
SOURCE Empire Resources, Inc.
